Legends who’ve played in the “World’s Famous Arena” showed up in force at a City Council hearing today to fight plans to force MSG to move out of its current Penn Station location in as little as ten years.

Council Speaker and mayoral candidate Christine Quinn, whose district includes MSG, said the arena’s operating permit should be limited to ten years to make way for a new Penn Station.

“It is my belief that finding a new location for the Garden is likely the only way to address the ongoing capacity and safety issues at Penn Station,” Quinn said in a letter to MSG CEO Hank Ratner.

“ Significantly improving Penn Station while Madison Square Garden sits atop it has proven to be an intractable problem,” added Quinn, who recommended that a commission be formed to address the issue.

“The ten-year period will also give us time to create and implement a plan for the future of the site, and the entire area,” she said.

But Knicks basketball hall of famers Walt “Clyde” Frazier and Earl “The Pearl” Monroe — as well as film director Spike Lee — showed up to defend the arena. They were joined by former Knick John Starks and Ranger hockey great Rod Gilbert.

“It’s called the world’s most famous arena. . . . It is the mecca. It’s part of the culture of New York City.” Lee said.

Lee — a die-hard Knicks fan – also said the politicians were living in “fairy tale land” by assuming a new Penn Station — costing billions of dollars — will be built if MSG leaves.

MSG officials — who noted the company recently spent nearly $1 billion to spruce up the 45-year-old arena — oppose any time limit on its operating permit.

Meanwhile Public Advocate and mayoral candidate Bill de Blasio and Manhattan Borough President Scott Stringer agreed that MSG should be limited to a ten-year renewal before moving. The Bloomberg administration recommended a 15-year renewal.